GCL-SI seeks improved cash flow with US$144 million planned factoring transaction
‘Silicon Module Super League’ (SMSL) member GCL System Integrated Technology Co (GCL-SI) is planning to sell up to RMB 1.0 billion (US$144 million) of sales invoices to a third party at a discount to improve its cash flow position.
In a financial statement, GCL-SI said that it was seeking a factoring deal in relation to its account receivables that would potentially be in place for two years.
The Factoring deal would accelerate the company’s capital turnover and broaden is financing channels and help shorten the time for the collection of accounts.
The company had previously reported a significant shift of its sales to outside China in the first half of 2018, accounting for 45.80% of total sales, which had helped return the company to profitability.
GCL-SI reported first half 2018 operating income of approximately RMB 6.08 billion (US$893.8 million approx.), compared to around RMB 6.38 billion in the prior year period, a decline of 4.71%.
The net profit was RMB 2,558.10 million (US$3.79 million approx.), an increase of 6.53% from the prior year period.
SENperc PV - a thin film measurement tool from SENTECH providing superior quality control in PERC, TOPcon, and HJT cell manufacturing
Dec 02, 2020
This PV Tech TechTalk Product Series webinar, in partnership with SENTECH Instruments, will introduce you to the innovative SENperc PV tool. It is designed for quality control in PV cell manufacturing and adds support for leading-edge PERC, TOPcon, and HJT cell processing.
Utility Solar Summit, UK & Ireland
May 26 - May 27, 2021
ONLINE
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
PV ModuleTech
Mar 10 - Mar 12, 2021
Penang, Malaysia (also available virtually)
Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability. This event will be run as a live event in Penang for delegates able to attend and will also welcome virtual delegates via streamed content and online networking.
Also read...
-
Runergy, Shenzhen SC sign multi-GW PERC, heterojunction strategic agreement
-
Boon for China solar projects as authorities approve their inclusion in subsidy catalogue
-
China unveils boost for 2021 renewable subsidies, solar wins biggest share
-
US ROUND-UP: Cubico makes maiden MISO deal, US Solar Fund completes solar build-out
-
LONGi issues ‘clarification’ on Q CELLS patent dispute
Comments